Wave Analysis 30.05.2014 (DJIA Index, Crude Oil)


Analysis for May 30th, 2014

DJIA Index

Probably, after completing the second wave in the form of flat pattern, Index started forming extension inside the third one. Yesterday I closed my buy orders and plan to start buying again only after correction by placing a limit order.

As we can see at the H1 chart, after finishing impulse inside wave 1, Index started new correction. Possibly, price may test local minimum during the day. If later instrument forms initial ascending wave, I’ll enter the market and start buying.

Crude Oil

It looks like Oil is reversing downwards. On minor wave level, price started falling down inside the first wave. After completing local correction, instrument is expected to continue falling down.

As we can see at the H1 chart, after finishing initial descending impulse inside wave (1), price started new correction, which may have already completed. Probably, market started the third wave; right now price is forming the first wave inside it.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.